Lagos Govt Paid Over N1bn As Retirement Benefits In July

The Lagos State Government says it has remitted over N1bn as accrued pension rights of 259 retirees for the month of July.

This was disclosed on Tuesday by the Director-General, Lagos State Pension Commission, Babalola Obilana.

The DG said despite the economic challenges the State is facing, the Governor, Mr Babajide Sanwo-Olu would not relent in his efforts to remit accrued pension rights into the Retirement Savings Account of employees on monthly basis.

Recall that the National Pension Commission had in the past listed Lagos State as one of the states that had complied with the financial obligations of Contributory Pensions Scheme since it’s inception.

Obilana explained that the compliance was in relation to the monthly funding of the Retirement Savings Accounts of employees and the payment of death benefits to Next-Of-Kin of employees who died while in active service.

The DG, however, urged the Pension Service Providers to improve on their services to retirees and ensure prompt payment and release of Retirement Bond Certificates to the beneficiaries monthly.